Conagra Brands, Inc. announced that it has entered into a definitive agreement to acquire protein-based snacking businesses Thanasi Foods LLC, maker of Duke’s® meat snacks, and BIGS LLC, maker of BIGS® seeds. Financial terms were not disclosed.
The transaction is subject to customary closing conditions, including the receipt of regulatory approval, and is expected to close summer 2017.
Duke’s is a fast-growing premium meat snack brand, with products including Duke’s Smoked Shorty® Sausages and Duke’s Steak & Brisket Strips. Duke’s products are made in small batches with quality ingredients and authentic hardwood smoke pairings.
BIGS produces a line of premium seed snacks, including jumbo in-shell sunflower seeds, sunflower seed kernels and roasted pumpkin seeds. BIGS partners with some of America’s most-loved brands to bring big, bold flavor to seeds.
Following the completion of the transaction, the Duke’s and BIGS brands will continue operating out of Boulder, Colorado.
Houlihan Lokey served as financial advisor and Brownstein Hyatt Farber Schreck, LLP served as legal counsel to Thanasi Foods LLC and BIGS LLC. Jones Day served as legal counsel to Conagra Brands, Inc.
Jones Day is advising Conagra Brands, Inc. in its acquisition with a team led by Peter Izanec and Erin de la Mare.
Law Firms: Jones Day;
Clients: Conagra Brands, Inc.;